Bank Dora Financial launches the country’s first fully digital banking cooperative
RYE, NY, September 28, 2021 / PRNewswire / – The first neo-banking strategy in the credit union industry, Bank Dora Financial (Dora) is now open. Aimed specifically at low to moderate income people who are currently underserved by the traditional banking industry, Dora combines the best of mobile fintech apps with an affordable checking account to bring modernized banking services to virtually anyone. Visit www.bankdora.com for more information.
“We want to change the way people think about access to affordable and equitable financial services,” said the CEO, Kristi kenworthy. “Fifty million Americans do not participate in traditional banking services due to barriers to openness, mistrust of the banking system, gaps in awareness, past history or lack of access – including the lack of a fully bilingual digital banking experience. “
Most of the for-profit neo-banks / credit unions in the market usually don’t cater to these people because the economy is different from traditional checking accounts. “Their balances are lower on average and creditworthiness can take a long time to reach,” Kenworthy said, adding, “The credit union movement is really about providing large-scale products that are safe and affordable for all members. . ”
The name of the organization is inspired by the pioneer of credit unions Dora maxwell, who helped charter hundreds of U.S. credit unions and believed everyone should have access to fair deposit products.
With financial inclusion as a priority, the Dora Everyday Checking account offers no minimum balance, no monthly maintenance fees, prepayment with direct deposit, bill payment, a no-supplement network of over 30,000 ATMs nationwide and financial education opportunities – packaged in a fully bilingual experience.
A public launch took place at Inclusive Virtual conference 2021, 22-23 Sep 2021 with guest speaker Kris vanbeek, CEO of USALLIANCE Financial. Dora was founded by four credit unions: Affinity Plus Federal Credit Union ($ 3.5 billion in assets) headquartered at Saint-Paul, Minn.; Federal Digital Credit Union ($ 9.8 billion in assets) in Marlborough, Mass.; Credit union ($ 5 billion in assets) in Portsmouth, New Hampshire; Financial USALLIANCE in ($ 2 billion in assets) in Rye, NY Dora continues to seek additional credit union partners.
Dora has been certified with Bank on national account standards, which identify critical product characteristics for appropriate bank or credit union accounts for people outside the traditional banking system.
About Banque Dora Financière
The country’s first neo-banking application based on credit unions, Dora was founded in August 2021 to serve the 50 million Americans who currently do not participate in traditional banking. Dedicated to financial inclusion, it includes a fully bilingual digital banking experience that supports low and moderate income earners. Dora’s products meet Bank On standards for those outside the traditional banking system. It is currently sponsored by four regional credit unions: Affinity Plus Federal Credit Union (Affinity Plus) headquartered in Saint-Paul, Minn.; Digital Federal Credit Union at Marlborough, Mass.; Service Federal Credit Union at Portsmouth, New Hampshire; USALLIANCE Financial in Rye, NY Visit www.bankdora.com
SOURCE Dora Bank